Even as the gender pay gap is forever a point of debate and discussion, here is a completely different perspective on the issue. A recent ‘EY Rewards Survey 2016’ has come up with findings that suggest that women employees are more happy and satisfied with their pay as compared to their male colleagues. They tend to attach more value to “benefits” than other components in the rewards programme, according to the survey.
While researching the whole process, the EY survey verified that 66% women cited satisfaction with their pay compared with 50% men. “This probably indicates that while men focus on the cash component of the rewards programme, women tend to view it as a complete package, wherein benefits are assigned more values than any other reward components,” the survey states, as reported by NDTV Profit.
The survey that was conducted among 128 employers and 452 employees across 12 industries in Bangalore, Chennai, Delhi, Hyderabad and Mumbai, also states that 24% of employees are dissatisfied with the rewards programme at their respective companies, 20% are unsure, while 65% are happy with their total rewards programme. Essentially this boils down to the fact that one out of every four employees is frustrated with the rewards provided by their employer. Interestingly, while men seek out for and focus more on the pay written in the employment contract, women look out for the overall package.
It’s a clear case where for women employees, the priorities are career growth, achieving better opportunities, job advancement and linkage of pay to performance.
“With the changing workforce demography and the diverse needs that employees have, it becomes extremely important to offer flexibility in total rewards,” Satheesh K V, Director (Rewards) at e-retailer Flipkart, said in the report.
In the end, even though women might value rewards more, the fact that there is a huge gap in pay scales between the genders is still something Companies need to address. The inequality on that front will always be a point of contention until something concrete is done about it.
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